There's no doubt that Nokia is in serious financial trouble. The smartphone maker recently announced a loss for its latest quarter and revealed plans to lay off 10,000 workers by the end of 2013. Last week, the company made its last smartphone in its native country of Finland and will officially shut down its last manufacturing plant in that country in September.

While there has been speculation for months about Microsoft possibly moving in to acquire Nokia, a more recent rumor claimed that Chinese-based PC and phone maker Lenovo was thinking about a Nokia buyout. Indeed, Nokia's stock price surged up 17 percent earlier today on those same rumors.

However, an executive for that company has quickly dismissed those reports. In a chat with Reuters, Gianfranco Lanci, who is in charge of the company's Europe, Middle Eastern and African territories, stated, "This must be a joke. There's nothing ongoing."

Nokia is one of four smartphone makers that will launch new smartphones based on Microsoft's upcoming Windows Phone 8 later this year. Lenovo is not yet confirmed as a Windows Phone 8 hardware partner. However, there have been recent rumors that the company is interested in making such a device. Those same rumors claim that Lenovo wants Microsoft to give them permission to make some UI changes for their phone, something which only Nokia has permission to do.